Regardless of a capital construction project type, size, complexity, delivery method, location or managed by who, managing, monitoring, evaluating, and reporting the project’s cost is always a must requirement. This requires as a minimum to have a real-time report that provides a single version of the truth of the project’s Read more…
Project contingency reserve is the amount to be added to the project’s baseline budget to cover the monetary impacts of project risks or uncertainties. Project contingency reserve is established for each project based on the acceptable risks, the degree of uncertainty, and the desired level of confidence for meeting the Read more…
All organizations, whether they were project owners or contractors, have been using ERP, financial and other types of accounting systems (ERP) to provide them with the actual cost incurred in delivering their capital construction projects. Nevertheless, those organizations also know that they have two key challenges that they always encounter Read more…
